Sunday, September 14, 2008

OH Boy, Oh Boy, Oh Boy

Looks like Bu$hCo is adding to his legacy at everyone's expense, except his.
Growing expectations that Lehman will become Wall Street's most high profile bankruptcy since junk bond specialist Drexel Burnham Lambert collapsed in 1990 sparked a sell-off in U.S. asset prices.

S&P500 share futures fell 30.90 points to 1227.60, and the dollar tumbled in early Asia-Pacific trading on Monday.

The euro jumped to 1.4311 to the dollar by 7:58 p.m. EDT from 1.4225 in late U.S. trade on Friday.

"It appears that Lehman will file for bankruptcy and the risk of an immediate tsunami is related to the unwind of derivative and swap-related positions worldwide in the dealer, hedge fund, and buying universe," said Bill Gross, chief investment officer at Pacific Investment Management Co (Pimco).
I'll bet they're calling the socialists at Treasury to bail them out again.

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